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Stereotaxis Announces $10.0 Million Non-Dilutive Financing from Early Warrant Exercise
  • Enables continued execution of innovation and commercial initiatives
  • Non-dilutive to shareholders
  • Long term lock-up agreement on exercised warrants
  • Represents necessary first step on path to relist on NASDAQ

ST. LOUIS, March 06, 2018 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (OTCQX:STXS), the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias, today announced that it has raised $10.0 million in a non-dilutive financing through the early exercise of previously outstanding warrants.

“We are grateful for the continued support and enthusiasm of our shareholders. The additional capital from these warrant exercises, in combination with our already debt-free balance sheet and more prudent management of operating expenses, places Stereotaxis in the most stable financial position it has enjoyed in many years,” said David Fischel, Chairman and CEO. “This capital enables us to advance on a broad range of strategic initiatives that we expect will deliver meaningful innovation and improved commercial performance. I am pleased we were able to raise capital without any dilution to shareholders by inducing warrant exercises more than three-and-a-half years before their term. The warrant exercise and amendments also represent a necessary first step on our path towards relisting on NASDAQ by removing the warrant liability from our balance sheet.”

Stereotaxis has entered into an agreement to amend the terms of all warrants issued in September 2016. The full Amended and Restated Form of Warrants is available in a Form 8-K filed with the Securities and Exchange Commission concurrently with this press release. Changes to the warrant language include a brief restricted exercise period during which the warrant exercise price was temporarily reduced to encourage early exercise, as well as the elimination of obligations the Company would have had to warrant holders in certain situations that resulted in the warrants being accounted for as a liability on the balance sheet. During the restricted exercise period, Stereotaxis received exercise notices for 35,791,927 warrants. Warrant holders who exercised their warrants as part of the inducement offering are subject to a long-term lock-up agreement whereby they are restricted from selling any common shares received from the warrant exercise for a period of 18 months. The financing included the full participation of DAFNA Capital Management, LLC and Stereotaxis Directors Mr. Joe Kiani, Dr. Arun Menawat and Mr. Fred Middleton, among other investors.

Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, March 6, 2018, at 10:00 a.m. Eastern Time to discuss the financing as well as the Company’s fourth quarter and full year 2017 financial results. To access the conference call, dial 1-877-627-6581 (US and Canada) or 1-719-325-4790 (International) and give the participant pass code 3267778. Participants are asked to call 5-10 minutes prior to the start time. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at

About Stereotaxis
Stereotaxis is the global leader in innovative robotic technologies designed to enhance the treatment of arrhythmias and perform endovascular procedures. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced integration of procedural information. Over 100 issued patents support the Stereotaxis platform. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Japan, Canada, China, and elsewhere. For more information, please visit    

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe”, "estimate”, "project”, "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company's ability to raise additional capital on a timely basis and on terms that are acceptable, its ability to continue to manage expenses and cash burn rate at sustainable levels, its ability to continue to work with lenders to extend, repay or refinance indebtedness, or to obtain additional financing, in either case on acceptable terms, continued acceptance of the Company's products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase its systems and the timing of such purchases, competitive factors, changes resulting from healthcare reform in the United States, including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.

Stereotaxis Contacts:                                                           
David Fischel
Chairman and Chief Executive Officer

Martin C. Stammer                                                                            
Chief Financial Officer


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